Nevada § 319.330 - Refunding obligations: Issuance, sale and exchange

§ 319.330. Refunding obligations: Issuance, sale and exchange

1. The Division may issue refunding obligations to refund any obligations then outstanding

which have been issued under the provisions of this chapter, including the payment

of any redemption premium thereon and any interest accrued or to accrue to the date

of redemption of the obligations and for any statutory purpose of the Division. The issuance of the obligations, the maturities and other details thereof, the rights

of the holders thereof, and the rights, duties and obligations of the Division in

respect to them are governed by the provisions of this chapter which relate to the

issuance of original obligations insofar as appropriate. 2. Refunding obligations issued as provided in this section may be sold or exchanged

for outstanding obligations issued under this chapter and, if they are sold, the proceeds

thereof may be applied, in addition to any other authorized purposes, to the purchase,

redemption or payment of the outstanding obligations. Pending the application of the proceeds of the refunding obligations, with any other

available funds, to the purpose for which they are issued, the proceeds may be invested

in direct obligations of, or obligations the principal of and the interest on which

are unconditionally guaranteed by, the United States of America, or obligations of

any agency or instrumentality of the United States, which mature or which are subject

to redemption by the holders thereof, at the option of such holders, not later than

the respective dates when the proceeds, together with the interest accruing thereon,

will be required for the purposes intended.